Mile-High Market Watch

New report finds that luxury home sales in the Denver metro area experienced a strong September with robust year-over-year growth

By John ElliotOriginally published on October 12, 2015|Mansion Global|

September was a good month for luxury real estate in Denver.

New analysis by brokerage LIV Sotheby’s International Realty, as reported by The Denver Post, found that the Mile-High City’s saw a 60% growth in total sales volume of high-end homes, defined as $1 million-plus properties, over the same period last year.

The total revenue generated by luxury property sales for September reached $127.4 million, compared with $80 million in September 2014.

In addition to strong year-over-year performance, the Denver metro area’s luxury market has performed well on a month-to-month basis, with an 8% increase in average sales price (to $1.57 million) and an 8% decrease in average days on the market (91 to 84 days) from August.

The publication quoted Scott Webber, president of LIV Sotheby’s International Realty, about the market implications of the report.

“The luxury market is growing - both in the number of $1M+ properties being offered and the number of sales” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory is at an all-time high of just under 900 properties currently on the market. Meanwhile the number of properties sold has dropped each month since the high in June. Buyers have more choice now than they did this summer, and now is a great time to capitalize on our rising market.”

The total number of luxury home sales in Denver was down 21% from August to September but the Post notes that this is in keeping with seasonal trends and that September’s numbers were still 50% higher year-over-year.